Silver upward breakout

22/05/2017, 06.06 p.m.

comex hourly silver chart

     Just before few minutes, silver gave upward breakout on comex hourly chart. Resistance was placed at 17.38, on 21st day of May, price tried to break this resistance but failed, making falls breakout. but at the moment it again broke the resistance with good steam. Looking at the move and volume we can confidentally say that price can sustain above the resistance line. so trade accordingly, dont remain short in silver.

     Thanking you, Jay Shriram.

Final update, 22nd May 2017, 08.49 p.m

     we booked only 100 points profit and made exit because I dont like silver movement after breakout. It has lack of steam in it.

     Thank you, enjoy 3000 rupees, Jay shriram.

positional trade --- buy NG --- perfect case of double bottom reversal

19th May2017

Double Bottom Reversal chart pattern.

nymex hourly chart 

     Without any hesitation I am saying that Natural Gas price is about to breakout the Double Bottom Reversal chart pattern. In the morning I posted first image showing levels on twitter and google +. At that time I was suspicious about this chart pattern but finally price broke up from the descending triangle and cross R1 on upside and now it is knocking 3.269 mark for giving breakout.

     Buy it after breakout, targets are huge with the sl of triangle resistance line ( upper line ) which will work as support line as a rule of polarity.

     NG price made double bottom at 3.160 around. In the process it made descending triangle but successfully crossed it upward. Crossed resistance of 3.243 and now knocking final breakout line mark placed at 3.269. If it cross it and sustain above it, trend will reverse on upside. NG has habitual of volatile moves, we can expect big spike in the price.

     Thank you. 

Update 1, 22nd May 2017 

nymex hourly NG 

     Because of blessings of my blog readers, NG is up. analysis proves correct. Yes , I admit that there is something, may be contract change in US mkt, what may be reason, we made some money in that process.

     For mcx, I think NG will try to break 221 level, if it can, then it will enter in new trading zone. Lets see.

Update 2 , 22nd May 2017, 08.23 p.m

hourly NG nymex chart 

     NG is knocking final resistance of 3.432, if it cross this resistance, price on mcx can fly toward 221. currently price is trading at days high level. Rs 221 is upper edge of current trading range of NG. This is second update in single day for MR Gagan Jain.

     Thank you, Jay Shriram.

Inverse H & S on Copper hourly and 30 min chart

mcx copper hourly

     There is inverse Head & Shoulder pattern on mcx copper hourly chart. This is bullish pattern and sign of bullishness in the price. It accures on the bottom of the downtrend. Neckline is placed at 362, by after breakout, tgt is 369. currently price is trying to break neckline. Thank you, Jay Shriram.

Final update

     Finally it happened, took 8 days, some horror downmoves, not in good way at all. But finally gave profits. so good bye, thank you, Jay Shriram. post is closed.

very short term NG

06.00 p.m, 9 th May 2017

nymex NG hourly chart 

     Use it if you can. thank you, jay Shriram.

Head & Shoulder on comex hourly silver chart, very bearish.

     This is comex silver hourly chart & you can see Head & Shoulder is about to break neckline. This is very very bearish sign. Use it and earn profits. After breaking neckline, mcx price can go toward 37500 followed by 37000.  Thank you, Jay Shriram.

Update 1 , 08.07, 8th May

     This descending triangle looks more perfect. Target is same, 37500 followed by 37000 after downward breakout. Breakout level is same compare to H & S pattern neckline.

update 2, 12.45, 9th May

     This is beautiful downward breakout of descending triangle, expect price to hit 37500 followed by 37000 with the sl of 38600 for security purpose.

update final, 05.43 p.m., 10th May

Exit short position in silver at cmp 38126 as downward movement is decreasing. To avoid risk exit ctc.

short term ng

nymex ng hourly chart 

     Very short term chart reading, for intraday purpose only. dont take it very seriously 

update, 11.56, 8th May

mcx hourly NG chart 

     It even didnt touch our given resistance, came back to kiss resistance line of wedge. Very good. post closed.

NG, developing H & S pattern on weekly chart

nymex weekly ng chart

mcx weekly ng chart 

     Read this post very carefully, if you are NG trader. NG price is around very crucial point. You can see it on both weekly charts that, price is about to make Head & Shoulder pattern. First left shoulder, Head is already there. Last shoulder is in making. Yes I admit the fact that,'' there can be failure of the chart pattern." Price can go upward from Friday closing price as shown with upward red arrow. But in that situation there can be still chance of making last shoulder because there is no certain rule about height of shoulders. It may not be same in respect of height. One shoulder can more high or low than other. It should be lower than Head, that's all about this pattern in respect of height of shoulders. Neckline should be on same price mark is most important rule. Here in both charts we can see that," neckline is placed at 2.527 and 169 rupees. All 3 points of first shoulder and head is placed at mentioned price marks.

     Now we should look at the second head in making. If we look at first shoulder & Head's top and bottom, reversal of price is in 'V' shape recovery. While moving up & down price moved in vertical form. But look at the last shoulder's last 4 candles. These candles are bending down or consolidating. This action made me suspicious about possibility of Head & Shoulder is in making. 

     Now most important question is that," how can we earn profits from this chart reading ? how to use this info ?" Answer is simple, I wrote 2 arrows ( red ) in chart. If price will go in direction of southward moving arrow, it will go towards neckline. In that case, support will be low point of last 2 candles. 3.156 or Rs 203 & 3.010 or Rs 195. Breaking these 2 points will push the price directly toward 2.502 or  Rs 169 mark. If it will break this price mark downward then next target will be 1.593 or Rs 110.  Neckline of HS pattern is placed there. As it is weekly chart, it will take its time in weeks. and second point is that," after breaking neckline, price can return above neckline again. Showing falls failure of HS pattern. This is habit of this chart pattern. But don't be afraid, keep patience in that situation.  

     Another situation is exact opposite of this downward theory. Price can go upward as shown with the red arrow ( upward moving ). If this happens, next resistance will be 3.30, 3.34 or Rs 214, Rs 218. After crossing these 2 hurdles price can go directly towards 4.002 or Rs 265. If any how price break this mark upward then only sky is the limit for NG price.

     Dear Friends, read it very carefully, try to understand the situation of NG price movement, keep it mind that,'' it is weekly chart and not for short term use." Many little up and downs can be there. 

     Hope you find this article useful in taking your decisions. Thanking you, Jay Shriram.

NG is trying to breakout

NG is trying to breakout

nymex NG hourly chart 

     This is nymex Ng hourly chart. You can see, rising wedge and its downward breakout, red arrow tgt achived, as mentioned in last post abut NG. NOw after consolidation, price is trying to breakouut something like falling wedge. If it break trendline Northward, it can fly up. on mcx cmp is 208 around. 

    If failed to breakout this time, NG price can go down toward 202 and then return back towards 205 and will again try to breakout there. This is so because upper line is southward moving.

     Thank you, Jay Shriram.

Update final, 08.44 p.m, 5 th May 2017

     I booked my profits at 208.50 and made exit because NG price touched 16 times to resistance line of this wedge like thing. You can wait with trailing sl or ctc sl. Thanking you, Jay Shriram. post is closed.

lead, next support @ 136 followed by 132

Lead is moving towards 136 followed by 132

mcx lead daily chart 

mcx lead hourly chart

     As shown in daily chart of mcx lead, price is moving in downward channel from start of February till today. The channel is intact in these 3 months. Price fell from 165 to 136 making up and downs within this channel. After hitting low of Rs 136, it reverted back and make high of Rs 146 around. Expiry short covering helped it to touch the resistance line, but as soon as it entered in new contract, it gave up all the steam and tumbled down. Broke middle line of bollinger band downwards, which is bearish sign again.

     On hourly charts, It made a new resistance of Rs 146.80 mark. It created double top there. Now it is very difficult to cross it.

     Now support is placed at 136, which is prior low and can work as support now. Second point is that,' bollinger band support line is placed at 136 mark. But , as bollinger band is moving indicator, it can turn down, ones price hit 136 mark.

     As per wave count price should touch 132, sooner or latter. Trade accordingly, with less quantity, strict sl or trailing sl method. Protection of capital is must to remain in market.

     Thanking you, Jay Shriram. 

Comex Gold broke channel support, if it is moving toward 1240 ?

comex gold daily chart 

     As seen in the attached daily chart, gold broke channel support downwards. Same time price broke middle line of bollinger band. It can move toward 1240 mark. Try it , if you can. Thanking you, Jay Shriram.

update 1, hourly chart

     amazing to see that, price broke bollinger band support line. Yes , bollinger band is moving indicator, but it is very interesting to see price action live. It is more interesting thatn Bahubali 2.

Final update, 08.43 p.m. , 3 rd may 2017

     Book profits or use trailing sl method to protect your profits. I am closing this post now. Thank you, Jay Shriram.

NG, breakout rising wedge.

nymex hourly chart

     This is short term rising wedge pattern breakout, which is bearish to price. Use it , if you can.

update 1, 07.46 p.m, 1 st May 2017

     3.24 is prior low, which is working as a support. After breaking it price will tumble down.

final update, 09.16 p.m, 1 st may

     Book profit or use trailing sl method to protect profits. Thank you , Jay Shriram.